St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-17
of liabilities


s. G.. observation-disclosures. ......... 5000
Including the failures of the day be-
fore NJ. Rosenfeld IL Co.. Hammil Il
Brine and E. w. Bailey & Co.. there is
a total of nineteen, with aggregate liza
bilities approXimating
TWO MILLIONS.
Some of these failures were caused by
inability of the parties to reach their
outside customers, while others were
caused by the failure of Rosenfeld q
Co. and the suspension of payment oy
Kershaw q Co. 1t is said that in the
majority of cases the
EMBARRAS SSED FIRMS
will come out all right as soon as their
trades can be settled, and that in one or
two instances the books will actually
show profits. In addition to the failures
brought about by either OF the causes
given, there are some who were
sponsibility and got caught where
they could not help themselves.
The facts in regard to the deposit of
money for KerShaw & Co. yesterday at
the American Exchange bank, on which
he founded his promise to pay in full,
are made public this morning in a semi
official way. 1t seems that Wiltshire did
deposit 5000. goo to the credit of kerShaw
Il Co. yesterday morning. When c. j.
Kershaw left there at O'Clock. after an
hours consultation with Wiltshire, ID.
Irwin Hoyt, Cashier DeWar, c. W.
Egglestone and several OF the directors,
there was nearly 100000 on deposit, sub
ject, as he supposed, to his check. He
hurried down to the office of Armour IL
Co., and there told p. ID. Armour of his
DoSitiOu and his ability
TO STAND EVERYTHING
down to 20 cents. 1t was not until 1O:45,
when he went into ArmourS office
again, that he was told that his checks
were being thrown out by the American
Exchange National bank. He went out
of ArmOur'S like shot to ascertain the
trouble. The trouble was that iinme-
diately after kerShaW left the bank and
when Wiltshire produced the S600.O0O to
go, as he supposed, to the credit of Ker-
shaw, Irwin, Green d Co. demanded
half of it, President Irwin is the senior
partner in this house and had this adj
vantage, that he could credit the money
as he was disposed to. When Ker-
shaw's check for $500, 600 from the clear
ing house went down for certitication it
was thrown out. Some big checks had,
however. gone through all right before.
Among them were checks to Schwartz,
Dupee & Co., r. b. Were Il Co., William
Dunn & Co., and few others, aggre-
eating. perhaps, S160.G00; SO that Ker-
Shaw'S promises were made in good
faith. Ii it had not happened that the
president of the bank was also an ap-
plicant for more margins kerShaw's
checks would have been certified.
Amour said this morning:
The amount of loss to this market is not
nnrlr car1,o nf fhn
ones are claiming. There we've more losses
on the advance, for, when this clique was ad-
vancing the market, we who were straddled
out between the different markets
PAID OUT OUR MONEY.
But most of the failures so far announced
were of men who were broke before the
panic and were simply waiting for good
excuse. They have been thus for twelve
months, some OF them. Nobody can lose
money on kershaw, for ne is margined way
down. He tells me this ard l know he would
not lie to me. He would have gone through
yesterday if there had not been muddle at
the bank. offered I2a4 Genes for 500. 600
bushels of wheat to a bank yesterday, when
the market On the board was nominal at 20
cents and the bank would not sell it. The
banks all say they will not sell. There would
have been great deal of cash wheat taken
yesterday but you conld not do business
The banks would not talk to you.
An effort is TO be made by the cred
itorS of kershaw to force Charlie Eggle-
stone to assume the responsibility of
Kershaws debts. EgglestOne is a mill
ionaire, and it is said has been special
partner of kerShaw'S for some time.
1T is also rumOred that long confer
ence was held in Armour's Office this
morning, at which efforts were made to
induce Armour to put up the money to
carry KerShaw through.
Just at the close of the morning Ses-
sion John j. Bryant & Co. announced
that they desired that all their trades be
closed. This is heavy failure, in
volving as much as that of b. J. Nc
Cleary yesterday. No exact estimate of
the liabilities can be given, but it is
thought that they will amount to over
.S150,000.
THEIR HOPES ARE DISSIPATED.
T. E. Belding 4 Co., who suspended
yesterday and announced their insol-
vency. have again requested that their
trades be closed out. The clerks of
offices in the court house had hardly
opened to-day before the attorneys for
suffering board OF trade representatives
began crowding in with affidayits for at
tachmentS on which to have service of
garniShee served. Among the first to
appear was Attorney Riddle, who smiled
as he called for a blank. Il want to file
little case" he said, and then receiy-
my lne DIdllk, Ht pTOceeueu 10 Wrlte:
Joseph W. Wiltshire and Howard ID. Eek
ert doing business as Wiltshire, Eckert q Co
against Maurice Rosenfeld and Frank John
son, doing business as Maurice Rosenfeld &
Co., trespass on the case on promises, $1,000
600.
When this was done he paid the clerk
and retired with summons against the
defendant, Rosenfeld commenced YES
terday suit for 81, ,000.00 against Wilt
shire, Eckert & Co. The c0mplainants
assert that they were sold out without
authority, and without giving them an
opportunity to put UP margins. They
further claim fiat the fnndc f,,rnichoI